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Movie Gallery To Close: Reports

Ore. – Movie Gallery, which filed for Chapter 11 bankruptcy
protection in February for the second time in three years, now plans to shut
its 1,906 Movie Gallery, Hollywood Video and Game Crazy retail stores,
according to published reports.

The company, which acquired Mark
Wattles’ Hollywood Entertainment following a costly bidding war with
Blockbuster, succumbed to competition from mail and kiosk DVD rentals and
streaming video, and pressure from GameStop, which dominates gaming software at

Movie Gallery would not confirm the
liquidation, but published reports cited leaked internal memos and letters to
local municipalities announcing the closures.

Game Crazy, which had CE sales of $338 million last year, was created
as a sister chain to investor Mark Wattles’ Hollywood Video, with many of its
stores located within or adjacent to the video rental outlets.